CHAPTER 201. GENERAL PROVISIONS
FINANCE CODE
TITLE 3. FINANCIAL INSTITUTIONS AND BUSINESSES
SUBTITLE G. BANK HOLDING COMPANIES; INTERSTATE BANK OPERATIONS
CHAPTER 201. GENERAL PROVISIONS
SUBCHAPTER A. GENERAL PROVISIONS
Sec. 201.001. SCOPE OF SUBTITLE. (a) This subtitle:
(1) sets forth the conditions under which a company may acquire
a Texas bank or a Texas bank holding company, pursuant to the
provisions of Chapter 202;
(2) permits interstate branching under the Interstate Banking
and Branching Efficiency Act pursuant to the provisions of
Chapter 203; and
(3) provides for state regulation of the participation by
foreign banks in the financial markets of this state, pursuant to
the provisions of Chapter 204.
(b) This subtitle is not intended to discriminate against
out-of-state banks and bank holding companies in a manner that
would violate the Interstate Banking and Branching Efficiency
Act.
Added by Acts 1999, 76th Leg., ch. 344, Sec. 1.001, eff. Sept. 1,
1999.
Sec. 201.002. DEFINITIONS. (a) Unless the context requires
otherwise, in this subtitle:
(1) "Acquire" means an act that results in direct or indirect
control by a company of a bank holding company or a bank,
including an act that causes:
(A) the company to merge with a bank holding company or a bank;
(B) the company to assume direct or indirect ownership or
control of:
(i) more than 25 percent of any class of voting shares of a bank
holding company or a bank, if the acquiring company was not a
bank holding company before the acquisition;
(ii) more than five percent of any class of voting shares of a
bank holding company or a bank, if the acquiring company was a
bank holding company before the acquisition; or
(iii) all or substantially all of the assets of a bank holding
company or a bank; or
(C) an application relating to control of a bank holding company
or bank to be filed with a federal bank supervisory agency.
(2) "Affiliate" has the meaning assigned by Section 2(k), Bank
Holding Company Act (12 U.S.C. Section 1841(k)).
(3) "Agency" when used in reference to an office of a foreign
bank, has the meaning assigned by Section 1(b)(1), International
Banking Act (12 U.S.C. Section 3101(1)).
(4) "Bank":
(A) for purposes of Chapter 202 and the laws of this state as
they relate to Chapter 202, has the meaning assigned by Section
2(c), Bank Holding Company Act (12 U.S.C. Section 1841(c));
(B) for purposes of Chapter 203 and the laws of this state as
they relate to Chapter 203, has the meaning assigned to the term
"insured bank" by Section 3(h), Federal Deposit Insurance Act (12
U.S.C. Section 1813(h)), except that the term does not include a
foreign bank unless it is organized under the laws of a territory
of the United States, Puerto Rico, Guam, American Samoa, or the
Virgin Islands and its deposits are insured by the Federal
Deposit Insurance Corporation; and
(C) for purposes of Chapter 204 and the laws of this state as
they relate to Chapter 204, has the meaning assigned by Section
2(c), Bank Holding Company Act (12 U.S.C. Section 1841(c)), or
Section 3(a)(1), Federal Deposit Insurance Act (12 U.S.C. Section
1813(a)(1)), except that the term does not include a foreign bank
or a branch or agency of a foreign bank.
(5) "Bank holding company" has the meaning assigned by Section
2(a), Bank Holding Company Act (12 U.S.C. Section 1841(a)), and
includes a financial holding company.
(6) "Bank Holding Company Act" means the federal Bank Holding
Company Act of 1956 (12 U.S.C. Section 1841 et seq.), as amended.
(7) "Bank supervisory agency" means any of the following:
(A) an agency of another state with primary responsibility for
chartering and supervising banks;
(B) the Office of the Comptroller of the Currency, the Federal
Deposit Insurance Corporation, or the Board of Governors of the
Federal Reserve System, and any successor to these agencies; or
(C) an agency of a country, including a colony, dependency,
possession, or political subdivision of a country, other than the
United States with primary responsibility for chartering and
supervising banks.
(8) "Branch" has the meaning assigned by Section 31.002(a),
except that for purposes of Chapter 204 and the laws of this
state as they relate to Chapter 204 the term:
(A) with respect to an office of a foreign bank, has the meaning
assigned by Section 1(b)(3), International Banking Act (12 U.S.C.
Section 3101(3)); and
(B) with respect to an office of a bank as defined by this
section for the purposes of Chapter 204, has the meaning assigned
to the term "domestic branch" by Section 3(o), Federal Deposit
Insurance Act (12 U.S.C. Section 1813(o)).
(9) "Commissioner" has the meaning assigned to the term "banking
commissioner" by Section 31.002(a), except that for purposes of
Chapter 203 and the laws of this state as they relate to Chapter
203, with respect to a state savings bank, the term means the
savings and mortgage lending commissioner of Texas.
(10) "Company" has the meaning assigned by Section 2(b), Bank
Holding Company Act (12 U.S.C. Section 1841(b)), and includes a
bank holding company.
(11) "Control" shall be construed consistently with Section
2(a)(2), Bank Holding Company Act (12 U.S.C. Section 1841(a)(2)),
and regulations and interpretive rulings of the Board of
Governors of the Federal Reserve System.
(12) "De novo branch" means a branch of a bank located in a host
state that:
(A) is originally established by the bank as a branch; and
(B) does not become a branch of the bank as a result of:
(i) the acquisition of another bank or a branch of another bank;
or
(ii) the merger or conversion involving the bank or branch.
(13) "Deposit" has the meaning assigned by Section 3(l), Federal
Deposit Insurance Act (12 U.S.C. Section 1813(l)).
(14) "Depository institution" means an institution included for
any purpose within the definitions of "insured depository
institution" as assigned by Sections 3(c)(2) and 3(c)(3), Federal
Deposit Insurance Act (12 U.S.C. Sections 1813(c)(2) and
1813(c)(3)).
(15) "Federal agency" means an agency of a foreign bank that is
licensed by the Comptroller of the Currency pursuant to Section
4, International Banking Act (12 U.S.C. Section 3102).
(16) "Federal branch" means a branch of a foreign bank that is
licensed by the Comptroller of the Currency pursuant to Section
4, International Banking Act (12 U.S.C. Section 3102).
(17) "Federal Deposit Insurance Act" means the Federal Deposit
Insurance Act (12 U.S.C. Section 1811 et seq.), as amended.
(18) "Foreign bank" has the meaning assigned by Section 1(b)(7),
International Banking Act (12 U.S.C. Section 3101(7)).
(19) "Foreign bank holding company" means a bank holding company
that is organized under the laws of a country other than the
United States or a territory or possession of the United States,
and includes a foreign financial holding company.
(20) "Foreign person" means a natural or juridical person who is
a citizen or national of one or more countries, including any
colonies, dependencies, or possessions of the countries, other
than the United States.
(21) "Home state" means:
(A) with respect to a national bank, the state in which the main
office of the bank is located;
(B) with respect to a state bank, the state by which the bank is
chartered;
(C) with respect to a foreign bank, the state determined to be
the home state of the foreign bank under Section 5(c),
International Banking Act (12 U.S.C. Section 3103(c)); and
(D) with respect to a bank holding company, the state in which
the total deposits of all bank subsidiaries of the company are
the largest on the later of July 1, 1966, or the date on which
the company became a bank holding company.
(22) "Home state regulator" means:
(A) with respect to an out-of-state bank holding company, the
bank supervisory agency of the home state of the bank holding
company; and
(B) with respect to an out-of-state state bank, the bank
supervisory agency of the state in which the bank is chartered.
(23) "Host state" means:
(A) with respect to a bank, a state other than the home state of
the bank in which the bank maintains or seeks to establish and
maintain a branch; and
(B) with respect to a bank holding company, a state other than
the home state of the company in which the company controls or
seeks to control a bank subsidiary.
(24) "International Banking Act" means the federal International
Banking Act of 1978 (12 U.S.C. Section 3101 et seq.), as amended.
(25) "Interstate Banking and Branching Efficiency Act" means the
federal Riegle-Neal Interstate Banking and Branching Efficiency
Act of 1994, Public Law No. 103-328, codified at various sections
of Title 12, United States Code.
(26) "Interstate branch" means a branch of a bank or a branch of
a foreign bank, as the context requires, established, acquired,
or retained pursuant to the Interstate Banking and Branching
Efficiency Act, outside the home state of the bank or foreign
bank. The term does not include, with respect to a foreign bank,
a limited branch as that term is defined by this section.
(27) "Interstate merger transaction" means:
(A) the merger of banks with different home states and the
conversion of branches of a bank involved in the merger into
branches of the resulting bank; or
(B) the purchase of all or substantially all of the assets,
including all or substantially all of the branches, of a bank
whose home state is different from the home state of the
acquiring bank.
(28) "Limited branch" means a branch of a foreign bank that
accepts only the deposits that would be permissible for a
corporation organized under Section 25A, Federal Reserve Act (12
U.S.C. Section 611 et seq.), in accordance with Section 5(a)(7),
International Banking Act (12 U.S.C. Section 3103(a)(7)).
(29) "Out-of-state bank" means a bank whose home state is
another state.
(30) "Out-of-state bank holding company" means a bank holding
company whose home state is another state, and includes an
out-of-state financial holding company.
(31) "Out-of-state foreign bank" means a foreign bank whose home
state is another state.
(32) "Out-of-state state bank" means a bank chartered under the
laws of another state.
(33) "Representative office" has the meaning assigned by Section
1(b)(15), International Banking Act (12 U.S.C. Section 3101(15)).
(34) "Resulting bank" means a bank that results from an
interstate merger transaction.
(35) "State" means a state of the United States, the District of
Columbia, a territory of the United States, Puerto Rico, Guam,
American Samoa, the Trust Territory of the Pacific Islands, the
Virgin Islands, or the Northern Mariana Islands, except that for
purposes of Chapter 202 and the laws of this state as they relate
to Chapter 202 the term means a state, territory, or other
possession of the United States, including the District of
Columbia.
(36) "State bank" means a Texas state bank or an out-of-state
state bank, including an out-of-state state savings bank.
(37) "State savings bank" has the meaning assigned to the term
"savings bank" by Section 3(g), Federal Deposit Insurance Act (12
U.S.C. Section 1813(g)), and includes a savings bank organized
under Subtitle C or under similar laws of another state.
(38) "Subsidiary" has the meaning assigned by Section 2(d), Bank
Holding Company Act (12 U.S.C. Section 1841(d)).
(39) "Texas bank" means a bank whose home state is this state,
except that for purposes of Chapter 202 and the laws of this
state as they relate to Chapter 202 the term means a Texas state
bank or a national bank organized under federal law with its main
office in this state.
(40) "Texas bank holding company" means a bank holding company
whose home state is this state and that is not controlled by a
bank holding company other than a Texas bank holding company, and
includes a Texas financial holding company.
(41) "Texas representative office" means a representative office
that is located in this state and registered pursuant to
Subchapter C, Chapter 204.
(42) "Texas state agency," means, when used in reference to an
office of a foreign bank, an agency of a foreign bank that is
located in this state and licensed pursuant to Subchapter B,
Chapter 204.
(43) "Texas state bank" means a bank that is organized under
Subtitle A.
(44) "Texas state branch," means, when used in reference to an
office of a foreign bank, a branch of a foreign bank that is
located in this state and licensed pursuant to Subchapter B,
Chapter 204.
(45) "United States" means:
(A) when used in a geographical sense, the several states, the
District of Columbia, Puerto Rico, Guam, American Samoa, the
American Virgin Islands, the Trust Territory of the Pacific
Islands, and other territories of the United States; and
(B) when used in a political sense, the federal government of
the United States.
(46) "Financial holding company" means a bank holding company
that has elected to be treated as a financial holding company
under 12 U.S.C. Section 1843(l).
(47) "Functional regulatory agency" means a department or agency
of this state, another state, the United States, or a foreign
government with whom the United States currently maintains
diplomatic relations that regulates and charters, licenses, or
registers persons engaged in financial activities or activities
incidental or complementary to financial activities, including
activities related to banking, insurance, or securities.
(b) The definitions provided by Section 31.002 apply to this
subtitle to the extent not inconsistent with this section and as
the context requires.
(c) The definitions shall be liberally construed to accomplish
the purposes of this subtitle.
(d) The finance commission by rule may adopt other definitions
to accomplish the purposes of this subtitle.
Added by Acts 1999, 76th Leg., ch. 344, Sec. 1.001, eff. Sept. 1,
1999. Amended by Acts 2001, 77th Leg., ch. 528, Sec. 27, eff.
Sept. 1, 2001.
Amended by:
Acts 2007, 80th Leg., R.S., Ch.
921, Sec. 6.058, eff. September 1, 2007.
Sec. 201.003. RULES. (a) The finance commission may adopt
rules to accomplish the purposes of this subtitle, including
rules necessary or reasonable to:
(1) implement and clarify this subtitle in a manner consistent
with and to the extent permitted by applicable federal law;
(2) preserve or protect the safety and soundness of banking in
this state;
(3) grant at least the same rights and privileges to Texas state
banks that are or may be granted to other depository
institutions;
(4) recover the cost of maintaining and operating the department
and the cost of enforcing this subtitle by imposing and
collecting ratable and equitable fees for supervision and
regulation, including fees for notices, applications, and
examinations; and
(5) facilitate the fair hearing and adjudication of matters
before the commissioner and the finance commission.
(b) In adopting rules, the finance commission shall consider the
need to:
(1) coordinate with applicable federal law;
(2) promote a stable banking environment;
(3) provide the public with convenient, safe, and competitive
banking services;
(4) preserve and promote the competitive position of Texas state
banks with regard to other depository institutions consistent
with the safety and soundness of Texas state banks and the Texas
state bank system; and
(5) allow for economic development in this state.
(c) The presence or absence in this subtitle of a specific
reference to rules regarding a particular subject does not
enlarge or diminish the rulemaking authority provided by this
section.
Added by Acts 1999, 76th Leg., ch. 344, Sec. 1.001, eff. Sept. 1,
1999. Amended by Acts 2001, 77th Leg., ch. 528, Sec. 28, eff.
Sept. 1, 2001.
Sec. 201.004. LAW APPLICABLE TO INTERSTATE BRANCHES. (a) The
laws of this state apply to an interstate branch located in this
state to the same extent the laws of this state would apply if
the branch in this state were a national bank with its main
office located in this state, except to the extent otherwise
provided under federal law.
(b) To the extent provided by Section 4.102(c), Business &
Commerce Code, the laws of this state govern a deposit contract
between a bank and a consumer account holder if the branch or
separate office of the bank that accepts the deposit contract is
located in this state.
(c) Without limiting Subsection (a), for purposes of the laws of
this state relating to authority to act as a fiduciary,
depository of public funds, or custodian of securities pledged to
secure public funds, or authority to engage in repurchase
transactions with public entities, a legally operating interstate
branch in this state is considered to be in, within, located in,
authorized to do business in, domiciled in, and chartered in this
state.
Added by Acts 1999, 76th Leg., ch. 344, Sec. 1.001, eff. Sept. 1,
1999.
Sec. 201.005. COOPERATIVE AGREEMENTS; FEES. (a) To carry out
the purposes of this subtitle, to the extent permitted by federal
law, the commissioner may:
(1) enter into cooperative, coordinating, or information sharing
agreements with another bank supervisory agency, a functional
regulatory agency, or an organization affiliated with or
representing one or more bank supervisory agencies;
(2) with respect to periodic examination or other supervision or
investigation, accept reports of examination or investigation by,
and reports submitted to, another bank supervisory agency or
functional regulatory agency in lieu of conducting examinations
or investigations or receiving reports as might otherwise be
required or permissible under this subtitle;
(3) enter into contracts with another bank supervisory agency or
functional regulatory agency having concurrent regulatory or
supervisory jurisdiction to engage the services of the agency for
reasonable compensation to assist in connection with the
commissioner's performance of official duties under this subtitle
or other law, or to provide services to the agency for reasonable
compensation in connection with the agency's performance of
official duties under law, except that Chapter 2254, Government
Code, does not apply to the contracts;
(4) enter into joint examinations or joint enforcement actions
with another bank supervisory agency or functional regulatory
agency having concurrent regulatory or supervisory jurisdiction,
except that the commissioner may independently take action under
Section 201.009 if the commissioner determines that the action is
necessary to carry out the commissioner's responsibilities under
this subtitle or to enforce compliance with the laws of this
state; and
(5) assess supervisory and examination fees to be paid by a
state bank, state savings bank, bank holding company, or foreign
bank in connection with the commissioner's performance of duties
under this subtitle.
(b) Supervisory or examination fees assessed by the commissioner
in accordance with this subtitle may be shared with another bank
supervisory agency, a functional regulatory agency, or an
organization affiliated with or representing one or more bank
supervisory agencies in accordance with an agreement between the
commissioner and the agency or organization. The commissioner may
also receive a portion of supervisory or examination fees
assessed by another bank supervisory agency or functional
regulatory agency in accordance with an agreement between the
commissioner and the agency.
Added by Acts 1999, 76th Leg., ch. 344, Sec. 1.001, eff. Sept. 1,
1999. Amended by Acts 2001, 77th Leg., ch. 528, Sec. 29, eff.
Sept. 1, 2001.
Sec. 201.006. ISSUANCE OF INTERPRETIVE STATEMENTS AND OPINIONS.
(a) To encourage the effective coordination and implementation
of home state laws and host state laws with respect to interstate
branching, the commissioner, directly or through a deputy
commissioner or department attorney, may:
(1) issue interpretive statements containing matters of general
policy to guide the public and banks and bank holding companies
subject to this subtitle;
(2) amend or repeal a published interpretive statement by
issuing an amended statement or notice of repeal of a statement
and publishing the statement or notice;
(3) issue, in response to specific requests from the public or
the banking industry, opinions interpreting this subtitle or
determining the applicability of laws of this state to the
operation of interstate branches or other offices in this state
by out-of-state banks or in other states by Texas banks; and
(4) amend or repeal an opinion by issuing an amended opinion or
notice of repeal of an opinion, except that the requesting party
may rely on the original opinion if:
(A) all material facts were originally disclosed to the
commissioner;
(B) the safety and soundness of the affected bank or bank
holding company will not be affected by further reliance on the
original opinion; and
(C) the text and interpretation of relevant, governing
provisions of applicable home state, host state, and federal law
have not been changed by legislative or judicial action.
(b) An interpretive statement or opinion may be disseminated by
newsletter, via electronic medium such as the internet, in a
volume of statutes or related materials published by the
commissioner or others, or by other means reasonably calculated
to notify persons affected by the interpretive statement or
opinion. An opinion may be disseminated to the public if the
commissioner determines that the opinion is useful for the
general guidance and convenience of the public or banks or bank
holding companies. A published opinion must be redacted to
preserve the confidentiality of the requesting party unless the
requesting party consents to be identified in the published
opinion. Notice of an amended or withdrawn statement or opinion
must be disseminated in a substantially similar manner as the
affected statement or opinion was originally disseminated.
(c) An interpretive statement or opinion issued under this
subtitle does not have the force of law and is not a rule for the
purposes of Chapter 2001, Government Code, unless adopted by the
finance commission as provided by Chapter 2001, Government Code.
An interpretive statement or opinion is an administrative
construction of this subtitle entitled to great weight if the
construction is reasonable and does not conflict with this
subtitle.
Added by Acts 1999, 76th Leg., ch. 344, Sec. 1.001, eff. Sept. 1,
1999. Amended by Acts 2001, 77th Leg., ch. 412, Sec. 5.01, eff.
Sept. 1, 2001.
Sec. 201.007. CONFIDENTIALITY. Except as expressly provided
otherwise in this subtitle, confidentiality of information
obtained by the commissioner under this subtitle is governed by
Subchapter D, Chapter 31, or, with respect to a state savings
bank, Subtitle C, and may not be disclosed by the commissioner or
an employee of the commissioner's department except as provided
by Subchapter D, Chapter 31, or, with respect to a state savings
bank, Subtitle C.
Added by Acts 1999, 76th Leg., ch. 344, Sec. 1.001, eff. Sept. 1,
1999.
Sec. 201.008. NOTICE OF SUBSEQUENT EVENT. Each out-of-state
state bank that has established and maintains an interstate
branch in this state pursuant to this subtitle shall give written
notice to the commissioner, at least 30 days before the effective
date of the event, or in the case of an emergency transaction,
within a shorter period consistent with applicable state or
federal law, of a merger or other transaction that would cause a
change of control with respect to the bank or a bank holding
company that controls the bank, with the result that an
application would be required to be filed with the bank's home
state regulator or a federal bank supervisory agency, including
an application filed pursuant to the Change in Bank Control Act
of 1978 (12 U.S.C. Section 1817(j)), as amended, or the Bank
Holding Company Act (12 U.S.C. Section 1841 et seq.).
Added by Acts 1999, 76th Leg., ch. 344, Sec. 1.001, eff. Sept. 1,
1999.
Sec. 201.009. ENFORCEMENT; APPEALS. (a) If the commissioner
determines that a bank holding company or a foreign bank has
violated this subtitle or other applicable law of this state, the
commissioner may take any enforcement action the commissioner
would be empowered to take if the bank holding company or foreign
bank were a Texas state bank, except that the commissioner shall
promptly give notice to the home state regulator of each
enforcement action taken against an out-of-state bank holding
company or foreign bank and, to the extent practicable, shall
consult and cooperate with the home state regulator in pursuing
and resolving the enforcement action. A bank holding company or
foreign bank may appeal a final order or other decision of the
commissioner under this subtitle as provided by Sections 31.202,
31.203, and 31.204.
(b) If the commissioner determines that an interstate branch
maintained by an out-of-state state bank in this state is being
operated in violation of a law of this state or in an unsafe and
unsound manner, the commissioner may take any enforcement action
the commissioner would be empowered to take if the branch were a
Texas state bank or state savings bank, as the case may be,
except that the commissioner shall promptly give notice to the
home state regulator of each enforcement action taken against an
out-of-state state bank and, to the extent practicable, shall
consult and cooperate with the home state regulator in pursuing
and resolving the enforcement action. An out-of-state state bank
may appeal a final order or other decision of the commissioner
under this subtitle as provided by Sections 31.202, 31.203, and
31.204, or as provided under Subtitle C with respect to a state
savings bank.
(c) Notwithstanding Subsections (a) and (b), the commissioner
may enforce the laws of this state against an entity subject to
this subtitle by appropriate action in the courts, including an
action for injunctive relief, if the banking commissioner
concludes the action is necessary or desirable.
Added by Acts 1999, 76th Leg., ch. 344, Sec. 1.001, eff. Sept. 1,
1999.
Sec. 201.010. TAXATION. A bank subject to this subtitle is
subject to the franchise tax to the extent provided by Chapter
171, Tax Code.
Added by Acts 1999, 76th Leg., ch. 344, Sec. 1.001, eff. Sept. 1,
1999.
Sec. 201.011. SEVERABILITY. The provisions of this subtitle or
the applications of those provisions are severable as provided by
Section 311.032(c), Government Code.
Added by Acts 1999, 76th Leg., ch. 344, Sec. 1.001, eff. Sept. 1,
1999.
SUBCHAPTER B. REGISTRATION OF FINANCIAL INSTITUTIONS
Sec. 201.101. DEFINITIONS. In this subchapter:
(1) "Financial institution" means:
(A) a bank as defined for any purpose by Section 201.002(a)(4),
whether chartered under the laws of this state, another state,
the United States, or another country, including a state savings
bank;
(B) a savings and loan association chartered under Chapter 62 or
similar laws of another state;
(C) a federal savings and loan association, federal savings
bank, or federal credit union;
(D) a credit union chartered under Chapter 122 or similar laws
of another state; or
(E) a trust company chartered under the laws of this state or
another state.
(2) "Out-of-state financial institution" means a financial
institution that:
(A) is not chartered under the laws of this state; and
(B) has its main or principal office in another state or
country.
(3) "Texas financial institution" means a financial institution
that:
(A) is chartered under the laws of this state or under federal
law; and
(B) has its main or principal office in this state.
Added by Acts 1999, 76th Leg., ch. 344, Sec. 1.001, eff. Sept. 1,
1999.
Sec. 201.102. REGISTRATION TO DO BUSINESS. An out-of-state
financial institution must file an application for registration
with the secretary of state, before operating a branch or other
office in this state, by complying with the law of this state
relating to foreign corporations doing business in this state,
notwithstanding a provision in that law that purports to limit or
prohibit its applicability to financial institutions.
Added by Acts 1999, 76th Leg., ch. 344, Sec. 1.001, eff. Sept. 1,
1999.
Sec. 201.103. APPOINTMENT OF AGENT TO RECEIVE SERVICE OF
PROCESS. (a) A Texas financial institution may file in the
office of the secretary of state a statement appointing an agent
authorized to receive service of process.
(b) A statement appointing an agent must set forth:
(1) the name of the Texas financial institution;
(2) the federal tax identification number of the Texas financial
institution;
(3) the address, including the street address, of the principal
office of the Texas financial institution; and
(4) the name of the agent in this state authorized to receive
service of process and the agent's address, including the street
address, in this state.
(c) The agent named under Subsection (b) must be:
(1) an individual resident of this state;
(2) a domestic corporation, limited partnership, partnership,
limited liability company, professional association, cooperative,
or real estate investment trust; or
(3) a foreign entity registered with the secretary of state to
transact business in this state.
(d) A statement appointing an agent must be signed by an officer
of the Texas financial institution. The statement must also be
signed by the person appointed agent, who by signing accepts the
appointment. The appointed agent may resign by filing a
resignation in the office of the secretary of state and giving
notice to the Texas financial institution.
(e) The secretary of state shall collect for the use of the
state:
(1) a fee of $25 for indexing and filing the original statement
appointing an agent; and
(2) a fee of $15 for filing an amendment to or cancellation of a
statement appointing an agent.
(f) An amendment to a statement appointing an agent to receive
service of process must meet the requirements for execution of an
original statement.
(g) A statement appointing an agent may be canceled by filing
with the secretary of state a written notice of cancellation
executed by an officer of the Texas financial institution. A
notice of cancellation must contain:
(1) the name of the Texas financial institution;
(2) the federal tax identification number of the Texas financial
institution;
(3) the date of filing of the statement appointing the agent;
and
(4) the current street address of the principal office of the
Texas financial institution.
(h) Service of process on a registered agent appointed under
this section is an alternate method of service in addition to
other methods provided by law unless other law specifically
requires service to be made on the registered agent. A
resignation or notice of cancellation is effective immediately on
acknowledgement of filing by the secretary of state, and after
the acknowledgement the financial institution is subject to
service of process as otherwise provided by law.
(i) The secretary of state may adopt forms and procedural rules
for filing of documents under this section.
Added by Acts 1999, 76th Leg., ch. 344, Sec. 1.001, eff. Sept. 1,
1999.